Russia: Largest Social Network VK (97M Users) Considers Implementing Crypto

After news about Facebook reportedly working on its own cryptocurrency, which would bring some great exposure to cryptocurrencies, it appears that Russia’s equivalent social platform, VKontakte (VK), could be launching its own cryptocurrency soon.

Reports from Russian media outlet RNS, which cites an anonymous source, says,

The social network VKontakte is working on the issue of creating its own cryptocurrency, but the final decision on its launch has not yet been made, a source familiar with the company’s plans told RNS. According to him, the current configuration of the project involves the creation of individual accounts for the accumulation of cryptocurrency to all users of the social network.

The exact economy is still being deliberated. VK may charge users for time spent on the platform and general activity, which could then be transferred to other users or used to purchase tangible goods. Users could receive tokens for liking and commenting or could send crypto to those who post content they like. Reposts may also receive crypto rewards.

VKontakte has not responded to any questions from the outlet.

Ranked 16 on Alexa, VKontakte claims that the number of active users on the platform is 97 million, and the number of messages and interactions amount to billions. If the social media platform does go ahead with the idea, it would introduce a lot of users closer to cryptocurrencies, albeit within a limited ecosystem.

Still, it bodes well that major social platforms are mulling over crypto, as well as established entities like JPMorgan Chase and Japan’s Amazon equivalent, Rakuten.